Morgan Crucible Company | The Guardianhttp://www.theguardian.com/business/morgancruciblecompany
Latest news and features from theguardian.com, the world's leading liberal voiceen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Tue, 03 Mar 2015 19:24:42 GMT2015-03-03T19:24:42Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
FTSE 100 shakes off Cyprus uncertainty while Morrisons benefits from upgradehttp://www.theguardian.com/business/marketforceslive/2013/mar/26/ftse-100-cyprus-woes-morrisons-upgrade
Positive US manufactured goods figures outweigh continuing eurozone worries<p><strong>Morrisons</strong> shares have underpeformed its sector and the market for some time, not least because investors were concerned the supermarket group had missed the boat on the fast growing online and convenience store markets.</p><p>But following recent moves to address these issues - including buying HMV stores and linking up with Ocado for its online plans - it has now benefited from more positive news.</p> <a href="http://www.theguardian.com/business/marketforceslive/2013/mar/26/ftse-100-cyprus-woes-morrisons-upgrade">Continue reading...</a>BusinessMorrisonsKingfisherWolseleyCompassAberdeen Asset ManagementKazakhmysWhitbreadMorgan Crucible CompanySavillsTue, 26 Mar 2013 17:36:46 GMThttp://www.theguardian.com/business/marketforceslive/2013/mar/26/ftse-100-cyprus-woes-morrisons-upgradeNick Fletcher2013-03-26T17:36:46ZAggreko falls again but Asos boosted by takeover talkhttp://www.theguardian.com/business/marketforceslive/2012/oct/22/aggreko-falls-asos-amazon
Markets edge lower despite eurozone hopes, with temporary power supply group falling sharply<p><strong>Aggreko</strong> lost its spark again as analysts downgraded after last week's warning from the temporary power supply company. It closed 64p lower at &pound;20.73, the biggest faller in the leading index. HSBC said:</p><p></p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/22/aggreko-falls-asos-amazon">Continue reading...</a>BusinessAggrekoShireBPPetrofacMorgan Crucible CompanySpectrisAsosMarks & SpencerEssar EnergyMon, 22 Oct 2012 16:13:08 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/22/aggreko-falls-asos-amazonNick Fletcher2012-10-22T16:13:08ZMorgan Crucible's profit warning could leave it vulnerable to a bid, analysts believehttp://www.theguardian.com/business/marketforceslive/2012/oct/22/morgan-crucible-warning-vulnerable-bid
Update sent industrial group's shares lower but may attract predators<p><strong>Morgan Crucible Company</strong> was hit hard recently when the industrial group <a href="http://www.guardian.co.uk/business/marketforceslive/2012/oct/12/morgan-crucible-warning-engineering?INTCMP=SRCH" title="">issued a profit warning</a>, helping to undermine the entire engineering sector.</p><p>But the reaction to the bad news could have left the company vulnerable, analysts believe. Andy Douglas at Jefferies has cut his price target from 300p to 260p after the update, but kept his hold recommendation.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/22/morgan-crucible-warning-vulnerable-bid">Continue reading...</a>BusinessMorgan Crucible CompanyMon, 22 Oct 2012 14:45:07 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/22/morgan-crucible-warning-vulnerable-bidNick Fletcher2012-10-22T14:45:07ZMorgan Crucible profit warnings hits engineering sector while FTSE falters againhttp://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-warning-engineering
Advanced materials group follows in footsteps of Cookson by reporting disappointing trading<p>A profit warning from industrial group <strong>Morgan Crucible Company</strong> sent shares lower across the engineering sector.</p><p>The advanced materials company, which provides carbon technology services to the aerospace industry as well as ceramics and body armour, was <a href="http://www.guardian.co.uk/business/marketforceslive/2012/oct/08/industrials-cookson-profit-warning-ftse?INTCMP=SRCH" title="">hit earlier in the week </a>after a sector peer <strong>Cookson</strong> issued its own warning of a slowdown.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-warning-engineering">Continue reading...</a>BusinessMorgan Crucible CompanyIMIBodycote InternationalGKNCooksonSpectrisLloyds Banking GroupBarclaysRoyal Bank of ScotlandEvrazKazakhmysWH SmithHome RetailHargreaves LansdownBAE SystemsChemringFri, 12 Oct 2012 16:45:03 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-warning-engineeringNick Fletcher2012-10-12T16:45:03ZMorgan Crucible's profit warning sends engineering shares sharply lowerhttp://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-profit-warning-engineering
Industrial group sees slowdown in third quarter, particularly in Europe and China<p>Industrial group <strong>Morgan Crucible Company</strong> has seen its shares crumble more than 12% after it issued a profit warning, sending the whole engineering sector lower.</p><p>The advanced materials company, which provides carbon technology services to the aerospace industry as well as ceramics and body armour, was <a href="http://www.guardian.co.uk/business/marketforceslive/2012/oct/08/industrials-cookson-profit-warning-ftse?INTCMP=SRCH" title="">hit earlier in the week </a>after a sector peer <strong>Cookson</strong> issued its own warning of a slowdown.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-profit-warning-engineering">Continue reading...</a>BusinessMorgan Crucible CompanyCooksonIMIBodycote InternationalGKNBarclaysLloyds Banking GroupFri, 12 Oct 2012 08:48:40 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/12/morgan-crucible-profit-warning-engineeringNick Fletcher2012-10-12T08:48:40ZIndustrial groups hit by Cookson profit warning as nervous markets edge lower againhttp://www.theguardian.com/business/marketforceslive/2012/oct/08/industrials-cookson-profit-warning-ftse
Worries about global slowdown continue to unsettle investors ahead of US reporting season<p>Industrial groups were hit hard by a profit warning from <strong>Cookson</strong>, which blamed its woes on weak production in the global steel industry.</p><p>Cookson closed 76p lower at 539p - a 12% decline - after it said the trading performance in its engineered ceramics division in the third quarter, and the last month in particular, had been weaker than expected. The division supplies products and systems to the steel industry, which accounts for around half its revenue, and has been hit by falls in steel production. According to industry statistics production fell by 3% in July and August excluding China, and 1% for the world as a whole. September has seen further weakening, rather than the usual upturn after the summer lull:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/08/industrials-cookson-profit-warning-ftse">Continue reading...</a>BusinessCooksonMorgan Crucible CompanyBodycote InternationalIMIGKNEvrazVedanta ResourcesEurasian Natural Resources CorporationAquarius PlatinumXstrataOld MutualMichael Page InternationalFirstGroupOcadoMorrisonsHalfordsMon, 08 Oct 2012 16:14:56 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/08/industrials-cookson-profit-warning-ftseNick Fletcher2012-10-08T16:14:56ZCookson slumps 14% after slowdown in steel production leads to profit warninghttp://www.theguardian.com/business/marketforceslive/2012/oct/08/cookson-profit-warning-steel-production
Company says trading in its engineered ceramics business worse than expected after global slowdown<p>Weakness in the global steel market has led to a profit warning from industrial group <strong>Cookson</strong>, sending its shares tumbling nearly 14%.</p><p>It said trading performance in its engineered ceramics division in the third quarter, and the last month in particular, had been weaker than expected. The division supplies products and systems to the steel industry, which accounts for around half its revenue, and has been hit by falls in steel production. According to industry statistics production fell by 3% in July and August excluding China, and 1% for the world as a whole. September has seen further weakening, rather than the usual upturn after the summer lull:</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/oct/08/cookson-profit-warning-steel-production">Continue reading...</a>BusinessCooksonMorgan Crucible CompanyEvrazVedanta ResourcesEurasian Natural Resources CorporationMon, 08 Oct 2012 08:44:38 GMThttp://www.theguardian.com/business/marketforceslive/2012/oct/08/cookson-profit-warning-steel-productionNick Fletcher2012-10-08T08:44:38ZMiners lead the way lower as FTSE loses all 2012's gains, but Tullow boosted by Kenyan newshttp://www.theguardian.com/business/marketforceslive/2012/may/08/miners-ftse-greece-tullow
Leading index drops sharply on fears Greece could tear up bailout agreement after weekend elections<p>Mining shares were among the leading fallers, with the FTSE 100 losing all the gains made so far this year as the eurozone crisis moved up a gear once more.</p><p>Fears that Greece would tear up its bailout agreement or even leave the eurozone after the weekend's inconclusive election sent the UK's leading index down 100.51 points to 5554.55, its lowest level since 28 December last year. European markets and Wall Street also came under renewed pressure as Spain looked set to rescue its third largest bank, and the backlash against austerity continued with the election of socialist Francois Holland in France.</p> <a href="http://www.theguardian.com/business/marketforceslive/2012/may/08/miners-ftse-greece-tullow">Continue reading...</a>BusinessPolymetalVedanta ResourcesFresnilloRandgold ResourcesTullow OilAvivaManInvensysPersimmonBarratt DevelopmentsMorgan Crucible CompanyTue, 08 May 2012 16:26:54 GMThttp://www.theguardian.com/business/marketforceslive/2012/may/08/miners-ftse-greece-tullowNick Fletcher2012-05-08T16:26:54ZTesco climbs as Buffett raises stake while FTSE ends higher in another turbulent dayhttp://www.theguardian.com/business/marketforceslive/2011/sep/26/tesco-buffett-buys-shares
<p>US billionaire and investment guru Warren Buffett may be having problems with a falling share price at his Berkshire Hathaway business, but he is still on the hunt for a bargain.</p><p>At the end of August he spent around &pound;120m to buy 34m shares in <strong>Tesco</strong>, taking his stake in the UK supermarket from 3.21% to 3.64%. Buffett - who has authorised a buyback programme to support Berkshire Hathaway - had previously said Tesco should take a hard look at its loss-making US business Fresh &amp; Easy, but analysts said this latest share purchase could be seen as a vote of confidence in new chief executive Phil Clarke.</p> <a href="http://www.theguardian.com/business/marketforceslive/2011/sep/26/tesco-buffett-buys-shares">Continue reading...</a>BusinessTescoBarclaysRoyal Bank of ScotlandAvivaKazakhmysVedanta ResourcesFresnilloRandgold ResourcesAfrican Barrick GoldMorgan Crucible CompanySmiths GroupReed ElsevierMon, 26 Sep 2011 16:45:15 GMThttp://www.theguardian.com/business/marketforceslive/2011/sep/26/tesco-buffett-buys-sharesNick Fletcher2011-09-26T16:45:15ZShanks soars on talk of revived Carlyle bid, but FTSE falls on QE concernshttp://www.theguardian.com/business/marketforceslive/2010/sep/22/shanks-bid-qe-concerns
<p>Just over six months after bid talks collapsed, waste management group <strong>Shanks</strong> was back in the takeover spotlight.</p><p>In March private equity group Carlyle abandoned a 120p a share offer for Shanks after the two sides failed to agree terms. Carlyle had already cut its offer price from 135p a share after Shanks issued a profit warning, blaming winter weather conditions for the slowdown. Earlier Shanks had indicated a price closer to 150p would be needed to win the day.</p> <a href="http://www.theguardian.com/business/marketforceslive/2010/sep/22/shanks-bid-qe-concerns">Continue reading...</a>BusinessShanksBarclaysLloyds Banking GroupRandgold ResourcesAntofagastaKazakhmysXstrataImperial TobaccoVodafoneMorgan Crucible CompanyPhormAvivaWed, 22 Sep 2010 16:06:09 GMThttp://www.theguardian.com/business/marketforceslive/2010/sep/22/shanks-bid-qe-concernsNick Fletcher2010-09-22T16:06:09ZAnalysts look for other targets after Tomkins bid approachhttp://www.theguardian.com/business/2010/jul/19/tomkins
<p>Following news of a &pound;2.8bn bid approach for engineering group <strong>Tomkins</strong> from a Canadian consortium, analysts have been looking around to try and find the next target in the sector.</p><p>Tomkins shares have jumped 72p to 302.3p following the 325p a share offer from Onex Corporation and the Canada Pension Plan Investment Board. The market seems to be suggesting the deal is likely to go through, although analysts at Collins Stewart said it was not impossible for other bidders to emerge:</p><p>It clearly wouldn't be too much of a stretch for industrial or other financial buyers to bid higher than 325p. The biggest factor likely to get in the way of that is time, given Tomkins' statement that due diligence is already at an advanced stage.</p><p>The most obvious read across from this news is GKN, which has persistently traded at a similar valuation to Tomkins.</p><p>Although there are some who question the likelihood of further consolidation amongst the UK FTSE 250 engineers, the consensus of opinion, in our view, is that there is likely to be more bids coming. We share that view, and would point to the likely candidates as being <strong>Morgan Crucible Company</strong> and <strong>Bodycote International</strong> (both easy to identify due to previous bid activity) as well as, in our view, potentially<strong> Weir</strong> and <strong>Fenner</strong>. We believe the trophy assets in the sector, <strong>Spirax-Sarco Engineering</strong> and <strong>Rotork</strong>, are coveted, but will require material premia to current share prices, which we think will preclude them from being approached (this view is not universally agreed with). </p><p>We believe there is positive read across from the bid for Tomkins to <strong>Smiths Group</strong>, which we think is a potential seller of assets on a two-year view. We also highlight <strong>Cookson</strong> as potential read-across with stock trading at a very attractive valuation in our view. </p> <a href="http://www.theguardian.com/business/2010/jul/19/tomkins">Continue reading...</a>TomkinsInvensysGKNMorgan Crucible CompanyBodycote InternationalWeirSmiths GroupInternational PowerSpirax-Sarco EngineeringRotorkCooksonMon, 19 Jul 2010 13:09:16 GMThttp://www.theguardian.com/business/2010/jul/19/tomkinsNick Fletcher2010-07-19T13:09:16ZFormer Morgan Crucible boss loses extradition casehttp://www.theguardian.com/business/2010/feb/24/morgan-crucible-extradition-supreme-court
Ian Norris, former Morgan Crucible chief, loses application to avoid US extradition on charges of obstructing justice<p>The former chief executive of engineering group <a href="http://www.guprod.gnl/business/morgancruciblecompany" title="Morgan Crucible">Morgan Crucible</a> has failed in a supreme court application to avoid extradition to the US where he faces charges of obstructing justice.</p><p>Ian Norris, who retired in 2002 from the company, which specialises in making carbon and ceramic products such as vehicle armour and hip joints,<a href="http://www.guardian.co.uk/uk/2008/mar/13/law" title="Lord ruling helps Briton in extradition battle"> won a House of Lords ruling</a> last year that blocked his transfer to the US over different price-fixing allegations. But the US government filed new charges despite claims from Norris, aged 67, that extradition would cause damage to his and his wife's mental and physical health.</p> <a href="http://www.theguardian.com/business/2010/feb/24/morgan-crucible-extradition-supreme-court">Continue reading...</a>Morgan Crucible CompanyExtraditionBusinessWorld newsLawWed, 24 Feb 2010 15:53:35 GMThttp://www.theguardian.com/business/2010/feb/24/morgan-crucible-extradition-supreme-courtFrank Baron/GuardianIan Norris, former chief executive of Morgan Crucible who has lost a supreme court case. Photograph: Frank BaronFrank Baron/GuardianIan Norris, former chief executive of Morgan Crucible who has lost a supreme court case. Photograph: Frank BaronTerry Macalister2010-02-24T15:53:35ZBroker tips Morgan Crucible for £115m cash callhttp://www.theguardian.com/business/marketforceslive/2009/nov/09/morgancruciblecompany
<p><strong>Morgan Crucible Company</strong>, the industrial materials group, has slipped back after City suggestions it could be next in line for a cash call.</p><p>The company - which has recently been the recipient of a number of positive broker notes - is down 1p at 160p today as KBC Peel Hunt went the opposite way. It issued a sell note on the business, albeit with a raised price target of 140p, up from 80p. Analyst Dominic Convey said a recovery in industrial production had led him to ugrade his 2010 profit forecasts by 50%, but there were still concerns about the company's balance sheet which could prompt a cash call. He said:</p><p>On our upgraded 2010 forecasts, the group has sufficient headroom within existing covenants, so a fundraising is by no means certain. But the similarities with Brammer and Laird [which both recently raised funds] are worth noting:</p><p>Both had ample borrowing facilities secured until 2012; neither was forecast to breach covenants; order visibility remains weak and order intake volatile; both will require additional working capital to fund recovery; acquisition aspirations were constrained by the balance sheet – in the case of Brammer, this included substantial existing deferred consideration obligations.<br /> <br />Other, more anecdotal parallels include the group's advisers: Cazenove – broker to both Laird and Morgan Crucible; Royal Bank of Scotland - significant lender to Brammer, Laird and Morgan Crucible.</p> <a href="http://www.theguardian.com/business/marketforceslive/2009/nov/09/morgancruciblecompany">Continue reading...</a>Morgan Crucible CompanyBusinessMon, 09 Nov 2009 14:46:59 GMThttp://www.theguardian.com/business/marketforceslive/2009/nov/09/morgancruciblecompanyNick Fletcher2009-11-09T14:46:59ZRoyal Bank rises but rivals slip on bad debt fearshttp://www.theguardian.com/business/marketforceslive/2009/jun/25/royalbankofscotlandgroup
<p><strong>Royal Bank of Scotland</strong> was one of the day's biggest risers following an upbeat note from Cazenove, but some of its rivals were not so lucky as fears about bad debts resurfaced.</p><p>RBS added 1.19p to 36.75p after Cazenove raised its rating from underperform to outperform, suggesting the bank could sell assets from its global banking and markets businesses, putting it on a sounder footing for the future. Caz said:</p><p>&quot;[Its] &pound;40bn of new equity and a &pound;300bn insurance scheme have addressed the issue of capital adequacy, in our view. While we are cautious on the outlook for UK banking, the attraction of RBS is that it plans to shrink and it has sufficient assets outside of the politically-sensitive areas of UK retail banking that it can shed assets. The pace of change will not be rapid; management has warned it will take three to five years. Yet with the downside substantially protected from a combination of &pound;40bn of new equity and the government's Asset Protection Scheme (APS), relatively, we feel the shares are attractive trading at book value. The upside comes from quicker progress in de-risking the group which can shift investor attention to the potential earnings recovery.&quot;</p><p>&quot;There is no change to our buy rating on Prudential. However, we have to concede that our conviction in our opinion has loosened slightly given the deterioration in the quality of the balance sheet that we have observed.&quot;</p><p>&quot;The core of our sell case on Pearson for some time has been that the woeful state of US state finances will lead to a sustained period of sub-par growth (and in the near term decline) for the Schools business (most seriously for the instructional material business) but also for the testing/software operations.</p><p>&quot;For the majority of states the budget gap they face in 2010 is bigger than the gap they faced in 2009. Fixing year one is lot easier than fixing year two. The low-hanging fruit has been picked (and the larder raided). If 2009 was painful for those supplying the states, 2010 is likely to be truly awful. The bull hypothesis that sales in schoolbooks that didn't happen in 2009 are being deferred into 2010 looks implausible to us.</p><p>&quot;The overall impression was that trading has been relatively stable over the last 4 weeks since the May interim management statement and that management are happy with existing guidance. The stable trading combined with the impact of cost actions suggest that profitability may have slightly improved month on month also supporting our profit forecast for 2009 (earnings of &pound;97m before reorganisation costs).</p><p>&quot;Management reiterated its view that it will not need a rights issue based on current conditions. Operating profits in the second half would need to roughly half versus the first half run rate to pressure covenants this year suggesting a very small likelihood of a year end breach in our opinion. We would only expect a capital raising if a significant acquisition target was identified.&quot;</p><p>&quot;The short term share price movement is being driven by the Intel/Apple rumours not fundamental news about the company. Intel and Apple are investors and not buyers of the business. Apple's and Intel's investments show commitment to the technology and are in part a way of trying to influence the directions of Imagination and others in the industry. Intel has a particularly well understood policy of taking long term investments in companies/technologies - e.g. Micron and Rambus. For Apple the price potentially payable for the company would be far in excess of any royalties saved over the coming years. Management did comment yesterday that they have had received concerned questions from existing licensees regarding the situation. We do not regard the current share price as sustainable without further corporate activity or yet more positive licensing newsflow.&quot;</p> <a href="http://www.theguardian.com/business/marketforceslive/2009/jun/25/royalbankofscotlandgroup">Continue reading...</a>BusinessRoyal Bank of ScotlandStandard CharteredBarclaysHSBCAstraZenecaPrudentialStandard LifeRio TintoBHP BillitonXstrataAnglo AmericanPearsonMorgan Crucible CompanyVedanta ResourcesThu, 25 Jun 2009 16:07:41 GMThttp://www.theguardian.com/business/marketforceslive/2009/jun/25/royalbankofscotlandgroupNick Fletcher2009-06-25T16:07:41ZRio Tinto rises on deal hopes, but FTSE 100 slips backhttp://www.theguardian.com/business/marketforceslive/2009/may/15/rio-tinto
<p>Shares in <strong>Rio Tinto</strong> have risen 70p to &pound;26.64 after the mining group received US approval for its $19.5bn investment from Chinalco, and subsequently repeated its commitment to the controversial deal.</p><p>But many traders believe the Chinese link-up may still not succeed, since it needs to be cleared by both Australian regulators and Rio's shareholders. Some expect erstwhile suitor<strong> BHP Billiton</strong>, 18p better at &pound;14.10, to return with another offer for Rio, or perhaps to buy some of Rio's assets. In less than two weeks it will be six months since BHP's bid failed, but it cannot make a new offer for 12 months unless it receives the recommendation of the Rio board, or another bidder emerges.</p><p>&quot;Rio Tinto and Chinalco have received approval from the Committee on Foreign Investment in the United States for the parts of the proposed Chinalco transaction that affect the US. These are the issue of convertible bonds and the proposed sale of a 25% interest in Kennecott Copper to Chinalco. US approval was always anticipated – but Australia's Foreign Investment Review Board remains key. A decision here is expected on 15 June – and may have stringent conditions attached.</p><p>&quot;In the background, the company is still discussing the transaction and alternatives with its shareholders. However, it seems difficult to understand how the chairman can undertake conciliatory discussions when his chief executive and Chinalco are becoming more entrenched in their positions. Something has to give and it may just have to be [chief executive] Tom Albanese.&quot;</p><p>&quot;Whilst US markets have been trying to make some gains, here in the UK we've seen a second day in a row of mundane trading. The moment the FTSE went anywhere near 4400 the sellers took control and sent the index lower. This week we've seen the market fall from its recent highs and without any form of attempt to test 4500 and push higher. It's as if investors' appetite for more risk with the purchasing of more equity has dried up completely. The only encouraging thing is that we haven't seen a large move lower so far and, as it stands, we've still put on a 25 per cent gain from the lows since March.&quot;</p><p>&quot;If we assume around 50% of the sale price is goodwill - similar to the [proposed] iShares transaction - then $10bn for the entirety of Barclays Global Investors yields a gain of around &pound;3.6bn. This improves tangible book value per share to 260p (from 230p) and equity Tier 1 to a much-healthier 7.5% plus (from 6.7%). Improvements in book value and capital ratios have been key drivers for bank stock prices. Whilst BGI does generate around 15% of Barclays group profits, is a relatively low-risk business and has been a great success since its acquisition from Wells Fargo and Nikko in 1995 for $440m, the benefit of raising book value and capital whilst avoiding government intervention outweighs this loss, in our view.&quot;</p><p>&quot;Barclays remains our favoured UK domestic. BarCap [the investment banking business] performed well in the first quarter of 2009 and more than offset rising credit costs. We think it can trade profitably over the next few years and capital should build, but monoline exposure will remain a debating point. We maintain a market perform rating on an increased 270p price target.&quot;</p><p>&quot;We believe the trading strategy, the store portfolio mix and the management team all need to see changes in order to restore positive momentum. By resorting to discounting to protect market share, and cost-cutting to protect the dividend, the longer term health of the business is threatened in our view.&quot;</p><p>&quot;We are removing British Airways as one of our most preferred stocks in the transport sector. The weakness in recent revenue trends could lead to a reduction in management expectation on 2010 revenue growth, currently -5%. Our forecasts are below this, but we think that consensus forecasts will need to be cut in line with our numbers.&quot;</p><p>&quot;There is no hiding from the fact this is a disappointing update. We see more positive catalysts at William Hill and Paddy Power, both of which have lower levels of financial leverage (or net cash, in the case of Paddy Power). We see no reason to change our 180p target price for Ladbrokes and hence we move our recommendation from hold to sell.&quot;</p> <a href="http://www.theguardian.com/business/marketforceslive/2009/may/15/rio-tinto">Continue reading...</a>BusinessRio TintoBHP BillitonBPRoyal Dutch ShellBarclaysMarks & SpencerExperianBritish AirwaysPv Crystalox SolarMorgan Crucible CompanyRenishawLadbrokesAir transportFri, 15 May 2009 15:59:28 GMThttp://www.theguardian.com/business/marketforceslive/2009/may/15/rio-tintoNick Fletcher2009-05-15T15:59:28ZSolar business PV Crystalox slumps on sales warninghttp://www.theguardian.com/business/marketforceslive/2009/may/15/pvcristaloxsolar-ladbrokes
<p>Solar company <strong>PV Crystalox Solar</strong> has lost its shine after warning of a fall in revenues, knocking its shares back by 20%.</p><p>The company, which supplies silicon wafers to solar cell makers, has lost 22p to 86p, making it the biggest faller in the mid-cap FTSE 250 index.</p><p>&quot;Long-term contracts can withstand only so much and the rate of order deferral has increased. Order deferrals by the end of June are now expected to reach 30-35MW up from less than 10MW at the end of March. At around 25 % of sales, despite it all being fully contracted, this is a significant deterioration. </p><p>&quot;Assuming a 10% shortfall in both volume and price from contracted levels, profit before tax for 2009 becomes €80m (down from €93m). Our forecast for 2010 is under review.</p><p>&quot;Sporting results went against Ladbrokes in March resulting in a 34% fall in earnings in the period. This is part of the ebb and flow of bookmaking, not a sign of structural problem. But it does highlight the operating leverage in the business which, given the consumer environment, is more likely to be a downside risk. With strategic questions hanging over eGaming, risk from the fixed odds betting terminals review and the hotel contingent liability we retain our sell rating.&quot;</p> <a href="http://www.theguardian.com/business/marketforceslive/2009/may/15/pvcristaloxsolar-ladbrokes">Continue reading...</a>BusinessPv Crystalox SolarLadbrokesMorgan Crucible CompanyFri, 15 May 2009 10:16:35 GMThttp://www.theguardian.com/business/marketforceslive/2009/may/15/pvcristaloxsolar-ladbrokesNick Fletcher2009-05-15T10:16:35ZRio Tinto rocked by continuing cash call fearshttp://www.theguardian.com/business/marketforceslive/2009/feb/05/riotinto-unilever
<p>Mining group <strong>Rio Tinto</strong> fell 24p to &pound;18.37 on continuing concerns it may call on shareholders to help reduce its debt by a promised $10bn by the end of this year.</p><p>The company - which is due to announce results next week - has admitted it is in talks about selling minority interests in some of its projects to China's Chinalco, and it has also disposed of unwanted businesses to raise cash. But it admitted recently a rights issue had not been ruled out.</p><p>&quot;The company's share price has outperformed the rest of the sector year to date on the back of, we believe, a better than expected commodity price environment and the increasingly popular view that the company will not have to conduct a large rights issue to meet its $10bn debt reduction commitment in 2009. Furthermore, as Xstrata's share price reaction has shown [following the announcement of its cash call], the market appears well braced for equity issuance. Perhaps the only way the company could materially disappoint the market now on this front would be if it were to issue equity to the Chinese either by way of a straight placement or through a convertible.</p><p>&quot;Should a dividend cut be enacted combined with a cash injection from Chinalco, We feel Rio is likely to move onto a significantly stronger footing with regard to its debt reduction target. We suspect Chinalco will be interested in a number of assets, not necessarily just aluminium, and there is little point in trying to speculate which ones. Whilst management should not be exonerated from effectively an enforced strategy of selling assets at the bottom of the commodity price cycle, we feel that at least they appear to be trying to minimise shareholder dilution. It also reveals the considerable option value within the company – applying the Corumba (recently sold iron ore asset) exit multiple to the group's attributable production <br />implies a value of $56bn pre net debt, post net debt of $18bn or around 60% of market value.&quot;</p> <a href="http://www.theguardian.com/business/marketforceslive/2009/feb/05/riotinto-unilever">Continue reading...</a>BusinessRio TintoUnileverReckitt BenckiserLand SecuritiesBritish LandHammersonLiberty InternationalBarclaysRoyal Bank of ScotlandPartyGamingMorgan Crucible CompanyThu, 05 Feb 2009 17:16:55 GMThttp://www.theguardian.com/business/marketforceslive/2009/feb/05/riotinto-unileverNick Fletcher2009-02-05T17:16:55ZSagging dollar adds to body armour blowshttp://www.theguardian.com/business/2007/dec/04/morgancrucible
<p>Shares in Morgan Crucible lost nearly a quarter of their value yesterday after the company warned that the weakening dollar would affect annual results.</p><p>The group, a manufacturer of components for British and US army body armour, said revenue growth for 2007 would be below analysts' expectations because of the deteriorating dollar, which will reduce yearly revenues by about &pound;30m and cut underlying operating profits by &pound;6m. The trading statement was hammered by investors as the shares hit a two-year low, falling 23.4% to 202.5p.</p> <a href="http://www.theguardian.com/business/2007/dec/04/morgancrucible">Continue reading...</a>Morgan Crucible CompanyEconomicsUS economyBusinessTue, 04 Dec 2007 00:16:39 GMThttp://www.theguardian.com/business/2007/dec/04/morgancrucibleDan Milmo2007-12-04T00:16:39ZSurprise renaissance of UK manufacturinghttp://www.theguardian.com/business/2007/aug/07/manufacturing.ukeconomy
<strong>&#183;</strong> Best period for eight years despite rising pound<br /><strong>&#183;</strong> Pharmaceuticals and aerospace growth highest<p>Britain's long-suffering manufacturing sector is enjoying its best period for eight years, with official figures yesterday showing that the strength of the world economy is helping firms in spite of the strong pound.</p><p>The Office for National Statistics said manufacturing output, which accounts for 15% of the economy, rose 0.2% in June from May, the fourth monthly increase in a row. That last happened in mid-1999. Manufacturing output is now back up to the level of six years ago, having had a torrid time in between.</p> <a href="http://www.theguardian.com/business/2007/aug/07/manufacturing.ukeconomy">Continue reading...</a>Manufacturing sectorBusinessEconomicsMorgan Crucible CompanyManufacturing dataTue, 07 Aug 2007 14:38:39 GMThttp://www.theguardian.com/business/2007/aug/07/manufacturing.ukeconomyAshley Seager2007-08-07T14:38:39ZUK industry enjoys best period for eight yearshttp://www.theguardian.com/business/2007/aug/06/manufacturing.ukeconomy
<a href="http://business.guardian.co.uk/Business/economy">Full economic coverage</a><p>Britain's long-suffering manufacturing sector is enjoying its best period for eight years, with official figures yesterday showing that the strength of the world economy is helping firms in spite of the strong pound.</p><p> The Office for National Statistics said manufacturing output, which accounts for 15% of the economy, rose 0.2% in June from May, the fourth monthly increase in a row. That last happened in mid-1999. Manufacturing output is now back up to the level of six years ago, having had a torrid time in between. </p> <a href="http://www.theguardian.com/business/2007/aug/06/manufacturing.ukeconomy">Continue reading...</a>Manufacturing sectorBusinessMoneyEconomicsMorgan Crucible CompanyMon, 06 Aug 2007 12:35:53 GMThttp://www.theguardian.com/business/2007/aug/06/manufacturing.ukeconomyAshley Seager, economics correspondent2007-08-06T12:35:53Z